Market Overview:
The Electric Vehicle Busbar market estimated at USD 4.57 Million in the year 2022, is projected to reach a revised size of USD 26.5 Million by 2030, growing at a CAGR of 24.6% over the analysis period 2023-2030.
Electric vehicles and hybrid electric vehicles rely on powerful electric motor drives, large-capacity battery packs, power inverters, and efficient power distribution from the charging source to the battery and then throughout the vehicle. Busbars, which are made up of a network of electrical conductors for collecting and distributing current, allows power to be distributed efficiently to the vehicle's various subsystems. Efficient use of limited energy is critical in any vehicle design, and EVs and HEVs typically use rechargeable lithium-ion battery packs as their energy source. A busbar, when made of the right materials, can help with thermal management and power distribution in an EV/HEV. Busbars with low electrical and thermal resistance can easily serve as part of the thermal path of an EV/HEV, from a heat source to a heat sink or coolant reservoir.
Top Key Players in Electric Vehicle Busbar Market:
Siemens AG, Mersen Corporate Services SAS, Hitachi Metals Ltd., Sertec Group Ltd, TB&C Holding GmbH, EG Electronics AB, Legrand Holding SA, ABB Group, Eaton Corporation plc, AMETEK Inc, and Other Major Players.
Market Dynamics and Factors for the Electric Vehicle Busbar Market:
Drivers:
Increase in the production of EV vehicles to replace conventional ICE vehicles
The increase in the production of electric vehicles (EVs) to replace conventional internal combustion engine (ICE) vehicles has a notable impact on the Electric Vehicle Busbar Market. Busbars are essential components in electric vehicles and other electrical systems, used to distribute power efficiently within the vehicle. Electric vehicles require effective power distribution to manage the flow of electricity between various components, such as the battery, motor, inverter, and other auxiliary systems. As EV production increases to replace conventional ICE vehicles, the demand for efficient power distribution through busbars rises proportionately.
Opportunities:
Increasing Demand for EVs Across The Globe
The increasing demand for electric vehicles (EVs) across the globe presents a significant opportunity for the Electric Vehicle Busbar Market. The surge in demand for EVs means higher production volumes, leading to increased requirements for components like busbars. Electric vehicles rely on efficient power distribution, making well-designed and reliable busbars crucial for their functionality. The growing demand for EVs encompasses various vehicle types, from passenger cars to buses, trucks, and commercial vehicles.
Segmentation Analysis of the Electric Vehicle Busbar Market:
By System Type, A single system type for electric vehicle busbars could simplify design and integration processes. If there were a standardized busbar system that could accommodate a wide range of EV configurations, it might lead to more efficient manufacturing and reduced development costs.
By Power System, high-power systems are critical for electric propulsion and fast charging, and low-power systems are essential for various auxiliary functions within an electric vehicle. These functions include powering lights, infotainment systems, HVAC (heating, ventilation, and air conditioning), power windows, and other electronics. A focus on low-power busbars contributes to optimizing the efficiency of these systems.
Regional Analysis of the Electric Vehicle Busbar Market:
North America, particularly the United States, has a history of innovation and technological advancements. If North American companies develop cutting-edge busbar technologies or solutions that meet the unique demands of the EV market, it could lead to a competitive advantage. North America is home to several major automotive manufacturers and technology companies. If these companies invest heavily in EV development and integration, it could drive the demand for advanced busbar solutions to support their electric vehicle platforms.
Key Industry Development:
In August 2021, Sertec Group Ltd, a global manufacturer of automotive components, invested £1.7 million in R&D programs to enable the UK's first mass-production assembly line for electric vehicle batteries. When in operation, the facility will produce in excess of 40 million electric vehicle battery Busbar assemblies per year.
